Owners of Russian assets place over $4 bln worth of shares abroad

Companies owning Russian assets placed more than four billion U.S. dollars worth of shares abroad in the period of the eight months of 2011

Share

1 pages in this article

MOSCOW, November 9 (Itar-Tass) —— Companies owning Russian assets placed more than four billion U.S. dollars worth of shares abroad in the period of the eight months of 2011, while domestic placement barely reached one billion U.S. dollars, head of Russia’s Federal Service for Financial Markets Dmitry Pankin said on Wednesday.

Non-resident owners of Russian assets placed shares to an overall sum of 3.150 billion U.S. dollars, while Russian corporations placed their shares abroad to a sum of about one billion U.S. dollars. Domestic placement was about the same, Pankin told journalists after the Government Hour session of the Russian Federation Council, or upper parliament house.

To overcome this outwards tendency on the Russian market, it is necessary to create incentives to encourage Russian issuers to place shares domestically, to which end the market infrastructure is to become more comfortable and the issuance procedure is to be eased, he stressed.